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CA Final · Direct Tax Laws & International Taxation · Tax Audit and Ethical Compliances

Ravi Exports furnished its tax audit report in Form No. 26 in September. In the following February, which falls before the end of the financial year succeeding the tax year, it made a payment that requires recalculation of the disallowance under section 35 or 37. What does Rule 47(3) of the Income-tax Rules, 2026 permit?

A revised report is permitted. Under Rule 47(3), where a later payment necessitates recalculating the disallowance under section 35 or 37, the person may obtain a revised report from an accountant and furnish it before the end of the financial year succeeding the tax year.

  1. ANo revision is allowed once the report is furnished
  2. BA revised report from an accountant may be furnished before the end of the relevant financial year succeeding the tax yearCorrect
  3. CA revised report may be furnished only within one month of the original report
  4. DA revised report can be furnished only by the Assessing Officer

Explanation

Rule 47(3) allows a revised audit report, signed and verified by an accountant, to be furnished before the end of the relevant financial year succeeding the tax year, if a payment after furnishing the report requires recalculation of the disallowance under section 35 or 37. February is within that period.

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